The aim of this thesis is to evaluate the significance of Bitcoin, traditional assets and commodities in an investment portfolio using the portfolio theory. The first part of this thesis focuses on Markowitz's modern portfolio theory and the capital asset pricing model, including methods for measuring expected returns and risks. The second part focuses on cryptocurrencies, including their historical development. In the practical part, portfolios composed of stocks, bonds, gold and Bitcoin w... zobrazit celý abstraktThe aim of this thesis is to evaluate the significance of Bitcoin, traditional assets and commodities in an investment portfolio using the portfolio theory. The first part of this thesis focuses on Markowitz's modern portfolio theory and the capital asset pricing model, including methods for measuring expected returns and risks. The second part focuses on cryptocurrencies, including their historical development. In the practical part, portfolios composed of stocks, bonds, gold and Bitcoin were constructed, and their efficient frontiers were compared. The analysis indicates that adding Bitcoin to a portfolio enhances the overall portfolio efficiency. A portfolio with Bitcoin can provide higher returns at the same level of risk compared to a portfolio containing only traditional assets and gold. |